The compound N-(4-cyclohexyl-3-trifluoromethyl-benzyloxy)-acetimidic acid ethyl ester is an intermediate in the synthesis of the pharmaceutically active compound 1-{4-[1-(4-cyclohexyl-3-trifluoromethyl-benzyloxyimino)-ethyl-benxyl}-azetidine-3-carboxylic acid (“Compound A”). Compound A is a sphingosine-1-phosphate (“S1P”) modulator that is useful for the treatment of immunological disorders, e.g., multiple sclerosis. Compound A, methods of synthesizing Compound A and methods of treating various disorders using Compound A are referred to in U.S. Pat. No. 7,939,519, which issued on May 10, 2011. This patent is incorporated herein by reference in its entirety.